Lam, who is based in Shanghai, was previously a venture partner at a $2.7B firm, Qiming Ventures, where he focused on clean energy investments. Qiming, headquartered in Shanghai, was founded by American Gary Rieschel.
The U.S. solar industry reported this month double digit growth for U.S. solar installations in 2016 and 2017. That’s great news! At the end of 2017, U.S. capacity totaled 53.3 GW.
But let’s put this in perspective. That’s less than half of China’s current installed capacity, which is more than 130 GW. China domestically installed 53 GW last year alone. Yup, that’s almost the same as total U.S. capacity. This BNEF article lays out the reasons behind–in its words–China’s “runaway” growth in solar installations.
In the U.S., the solar and wind industries account for way more jobs than the fossil fuels sector. Here are the most recent figures from the Department of Energy’s 2017 Energy and Employment Report.
The question for the U.S. now is how much the Trump Administration’s tariffs on Chinese-made solar panels will hurt the growth of solar installations and job growth here. Solar companies in Massachusetts this year have already blamed significant job losses in part on the Trump Administration’s tariffs because they’ve created financial uncertainty.